(Foundational) Monetary Policy

Debt Has Always Been the Ruin of Great Powers. Is the U.S. Next? AA

By Niall Ferguson Feb. 21, 2025

Principles of Government · August 24, 2026 ·

By Niall Ferguson Feb. 21, 2025 – What I call Ferguson’s Law states that any great power that spends more on debt service than on defense risks ceasing to be a great power. The insight is not mine but originates with the Scottish political theorist Adam Ferguson, whose “Essay on the History of Civil Society” (1767) brilliantly identified the perils of excessive public debt. Read More

Javier Milei’s Gift for Pope Leo

By Andy Kessler - June 15, 2025

Principles of Government · September 6, 2025 ·

By Andy Kessler – Anything that interferes with markets and price discovery is dangerous. Unions distort prices. Student loans—and the policy of forgiving them—distort prices. So do quotas, subsidies, green policies and ethanol requirements. Even lockdowns and stimulus checks. Taxes, especially capital-gains taxes, distort the cost of capital. Redistribution is the ultimate market manipulation. And tariffs, which are taxes, distort prices, jobs and currencies. Read More

Javier Milei’s Gift for Pope Leo

Characteristics of Government

Principles of Good Government

Resources

(Foundational) Monetary Policy

Footer

Characteristics of Government

Principles of Good Government

Resources